Project ID: 1056

China Eximbank provides EUR 267.75 million buyer’s credit loan for Bata Port Rehabilitation and Expansion Project (Linked to Project ID#484)

Commitment amount

$ 659359407.1444651

Adjusted commitment amount

$ 659359407.14

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Equatorial Guinea

Sector

Transport and storage (Code: 210)

Flow type

Loan

Level of public liability

Central government debt

Infrastructure

Yes

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2007-01-01

Planned start

2009-02-01

Actual start

2008-08-06

Planned complete

2014-07-01

Actual complete

2014-12-31

NOTE: Red circles denote delays between planned and actual dates

Geography

Description

In 2006, China Eximbank and the Government of Equatorial Guinea signed a $2 billion oil-backed buyer’s credit facility agreement for various infrastructure projects (captured in Project ID#484). All subsidiary loans approved under this facility agreement carry the following terms: a 5.5% interest rate, 5 year maturity, and 2 year grace period. Then, in 2007, China Eximbank and the Government of Equatorial Guinea signed a subsidiary buyer’s credit loan agreement for the Bata Port Rehabilitation and Expansion Project. The proceeds of the loan were used by the borrower to finance an EUR 315 million commercial (EPC) contract with CCCC First Harbor Engineering Co. Ltd, which was signed on April 2, 2007. The estimated face value of loan is EUR 267.75 million (since other subsidiary buyer’s credit loans that were approved through the $2 billion oil-backed buyer’s credit facility were use to finance 85% of commercial contract costs). This project involved the restoration of an existing wharf, the construction of a new wharf and breakwater, and the acquisition and installation of machinery at the Port of Bata. CCCC First Harbor Engineering Co. Ltd -- a wholly owned subsidiary of China Communications Construction Co. Ltd. — was the contractor responsible for implementation. The project commenced on August 6, 2008 and it was completed in December 2014. It was officially inaugurated on July 30, 2019.

Additional details

1. The Chinese project title is 赤道几内亚巴塔港 or 巴塔港改扩建工程 or 的赤几巴塔港一期和二期改扩建工 or 赤道几内亚巴塔港扩改建工程. 2. The Spanish project title is Rehabilitación y Ampliación del Puerto de Bata. 3. This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020.

Number of official sources

16

Number of total sources

27

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Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Equatorial Guinea [Government Agency]

Implementing agencies [Type]

China Road & Bridge Corporation (CRBC) [State-owned Company]

Government of Equatorial Guinea [Government Agency]

CCCC First Harbor Engineering Company Ltd. [State-owned Company]

Collateral

The buyer's credit loans under the $2 billion USD facility were secured via deposit accounts opened by Government of Equatorial Guinea in China Eximbank. The Government of Equatorial Guinea deposited the proceeds from hydrocarbon exports into these accounts.A repayment guarantee equivalent to 30 percent (minimum) of the outstanding stock of debt was required to be in the accounts at all times.

Loan Details

Maturity

5 years

Interest rate

5.5%

Grace period

2 years

Grant element (OECD Grant-Equiv)

9.6724%

Bilateral loan

Export buyer's credit

Investment project loan